Patrick M. Shanahan Appointed Interim
President and Chief Executive
Officer
Thomas C. Gentile III No Longer Serves as
President, Chief Executive Officer and Director
Company to Release Third Quarter Financial
Results November 1, 2023
WICHITA,
Kan., Oct. 2, 2023 /PRNewswire/ -- Spirit
AeroSystems Holdings, Inc. (NYSE: SPR) (together with its
subsidiary, Spirit AeroSystems, Inc., the "Company," "Spirit" or
"Spirit AeroSystems") today announced that Patrick M. Shanahan, a member of the Company's
Board of Directors (the "Board"), has been appointed interim
President and Chief Executive Officer, effective immediately. Mr.
Shanahan succeeds Thomas C. Gentile
III as President and Chief Executive Officer. Mr. Gentile
has resigned as a member of the Board, effective September 30, 2023. The Company's Board will
conduct a search to identify a new Chief Executive Officer.
"Spirit plays a vital role in the aerospace industry and is
well-positioned to fulfill the growing demand in this important
market," said Robert D. Johnson,
Chair of the Board. "Pat is a seasoned executive with nearly four
decades of commercial and defense aerospace leadership and senior
Department of Defense experience, and he has a valuable customer
perspective. I am confident that his leadership will ensure a
smooth transition for all of our stakeholders as we look to
identify a new Chief Executive Officer."
Mr. Johnson continued, "On behalf of the entire Board, I thank
Tom for his contributions during the last seven years leading the
Company through some of the most challenging times that the
industry has faced. We wish him the best in his future
endeavors."
Mr. Shanahan's career spans both commercial and military
programs, including 31 years with The Boeing Company and service as
Deputy Secretary of Defense and Acting Secretary of Defense. As the
33rd Deputy Secretary of Defense, Mr. Shanahan helped
lead the development of key Department of Defense policies and
strategies. Mr. Shanahan has served on the Spirit AeroSystems Board
since November 2021.
"I believe Spirit possesses the assets, know-how and talent to
satisfy the extraordinary aviation demand and mitigate global
supply chain challenges," said Mr. Shanahan. "I look forward to
working closely with our stakeholders, the Board and the Spirit
team to meet all of our customer commitments, build teamwork,
stabilize operations and drive improved cash flow."
"It has been my honor to lead Spirit, strengthen its
capabilities, and grow its global enterprise," said Mr. Gentile.
"With positive market trends and opportunities ahead, I am as
confident as ever in the team's ability to effectively navigate a
challenging macro environment and deliver on its commitments to our
customers and shareholders."
Mr. Gentile will serve as a consultant to the Company for a
period of three months to ensure a smooth transition.
Third Quarter 2023 Financial Results
The Company also
announced that it will release its third quarter 2023 financial
results at 6:30 a.m. Central Daylight
Time (CDT) on Wednesday, November 1,
2023.
Mr. Shanahan will be joined by Spirit's Senior Vice President
and Chief Financial Officer Mark
Suchinski on a conference call presentation about third
quarter 2023 results at 10 a.m.
CDT.
That presentation will be broadcast online and include a
question-and-answer session. The Company's news release detailing
the results will also be available. The live audio stream and slide
presentation can be accessed November 1,
2023, at http://investor.spiritaero.com/.
About Patrick M.
Shanahan
Patrick M.
Shanahan served as the 33rd Deputy Secretary of Defense,
where he helped lead the development of key Department of Defense
policies and strategies. Mr. Shanahan served at The Boeing Company
for more than three decades, including as Senior Vice President,
Supply Chain and Operations, Senior Vice President, Commercial
Airplane Programs, Vice President and General Manager of the 787
Dreamliner, Vice President and General Manager of Boeing Missile
Defense Systems, and Vice President and General Manager of Boeing
Rotorcraft Systems. Mr. Shanahan is a National Academy of
Engineering Member, Royal Aeronautical Society Fellow, Society of
Manufacturing Engineers Fellow and American Institute of
Aeronautics and Astronautics Associate Fellow. He served as a
regent at the University of Washington
for over five years. Mr. Shanahan currently serves on the boards of
Leidos Holdings, Inc. and CAE Inc. Shanahan holds a bachelor's
degree in mechanical engineering from the University of Washington, a master's degree in
mechanical engineering from the Massachusetts
Institute of Technology (MIT),
and an MBA from the MIT Sloan School of
Management.
On the web: www.spiritaero.com
On X (formerly Twitter): @SpiritAero
About Spirit AeroSystems
Spirit AeroSystems is one of
the world's largest manufacturers of aerostructures for commercial
airplanes, defense platforms, and business/regional jets. With
expertise in aluminum and advanced composite manufacturing
solutions, the company's core products include fuselages,
integrated wings and wing components, pylons, and nacelles. Also,
Spirit serves the aftermarket for commercial and business/regional
jets. Headquartered in Wichita,
Kansas, Spirit has facilities in the U.S., U.K.,
France, Malaysia and Morocco. More information is available at
www.spiritaero.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that may involve many
risks and uncertainties. Forward-looking statements generally can
be identified by the use of forward-looking terminology such as
"aim," "anticipate," "believe," "could," "continue," "estimate,"
"expect," "goal," "forecast," "intend," "may," "might,"
"objective," "outlook," "plan," "predict," "project," "should,"
"target," "will," "would," and other similar words, or phrases, or
the negative thereof, unless the context requires otherwise. These
forward-looking statements are based on the Company's current
estimates, intentions, beliefs, expectations, goals, strategies,
and projections for the future and are not guarantees of future
performance. Forward-looking statements involve risks,
uncertainties, assumptions, and other factors that are difficult to
predict and that could cause actual results to vary materially from
those expressed in or indicated by them. We caution investors not
to place undue reliance on any forward-looking statements.
Important factors that could cause actual results to differ
materially from those reflected in such forward-looking statements
and that should be considered in evaluating our outlook include,
without limitation, the continued fragility of the global aerospace
supply chain; our ability to accurately estimate and manage
performance, cost, and revenue under our contracts; our ability and
our suppliers' ability or willingness to meet stringent delivery
requirements; the impact of significant health events (including
the COVID-19 pandemic) on our business and operations; the timing
and conditions surrounding the full worldwide return to service
(including receiving the remaining regulatory approvals) of the
B737 MAX, future demand for the aircraft, and any residual impacts
of the B737 MAX grounding on production rates for the aircraft; our
reliance on Boeing for a significant portion of our revenues; our
ability to execute our growth strategy, including our ability to
complete and integrate acquisitions; the Company's dependence on
its workforce, including its ability to employ sufficient numbers
of qualified employees to effectively and efficiently maintain its
operations; demand for our products and services; the effect of
economic or geopolitical conditions in the industries and markets
in which we operate in the U.S. and globally; our ability to manage
our liquidity, borrow additional funds or refinance debt; and other
factors disclosed in our filings with the Securities and Exchange
Commission, including the detailed factors discussed under the
heading "Risk Factors" in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31,
2022. These factors are not exhaustive and it is not
possible for us to predict all factors that could cause actual
results to differ materially from those reflected in our
forward-looking statements. These factors speak only as of the date
hereof, and new factors may emerge or changes to the foregoing
factors may occur that could impact our business. Except to the
extent required by law, we undertake no obligation to, and
expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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SOURCE Spirit Aerosystems